It may be unfair, but the damage is done

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Let’s give Standard Chartered the benefit of the doubt. Let’s assume that Benjamin Lawsky, superintendent of New York’s Department of Financial Services, is just another ambitious lawyer chasing a quick win to bolster his political ambitions.

Let’s also assume, as StanChart says, that it carried out $14 million worth of Iran-related transactions from 2001 to 2007 that did not comply with so-called ‘u-turn regulations’ and not Mr Lawsky’s breathless $250 billion.

Let’s assume, too, that StanChart is right in stating that no Iranian payments it made were for parties designated by Washington as terrorist entities. And let’s assume StanChart, which